Market movements, trading policies, and cryptocurrency trends you need to know.
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President Trump, who has just taken office, offered Republican lawmakers a draft speech to dismiss Federal Reserve Chairman Jerome Powell. He later stated that it is "extremely unlikely" unless Powell commits fraud.
The S&P 500 index fell by about 0.7% during the day before stabilizing. Analysts warn that Powell’s dismissal could shake the markets and pressure the dollar.
New - Spot cryptocurrency trading fell by 22% in the second quarter to $3.6 trillion, despite Bitcoin rising by 25%. The average daily trading volume dropped to $40 billion, while liquidity in alternative coins dried up.
In contrast, Bitcoin exchange-traded fund inflows rose by 370%, while derivatives stabilized at $20.2 trillion. The market is shifting towards low-risk institutional investments.
90 million tokens were launched this week, increasing the supply by 45%. This move comes as Congress revives three cryptocurrency bills, increasing tension ahead of key votes.
(approximately $930 million), which increases the supply by 45%. This move comes as Congress revives three cryptocurrency bills, increasing tension ahead of key votes.
The price rose by 10% following Justin Sun's pledge to support $100 million, then stabilized around $10.10.
*The CEO of Bank of America, Brian Moynihan, stated that the bank is testing stablecoins to transfer trillions in customer transactions. The initiative targets US dollar and euro stablecoins and may include JPMorgan and Citigroup.
The publication depends on US legislation. Bank of America reported a net income of $7.12 billion (+3%) and revenues of $26.61 billion (+4%).
The House of Representatives will re-vote on 3 major cryptocurrency bills after they failed with a result of 196-223 on July 16. Thirteen Republican members broke ranks despite Trump’s support, primarily due to the language of the combined central bank digital currency. Chairwoman McHenry now plans to split the bills for separate votes this week. If passed, it will bring the long-awaited clarity to stablecoins, decentralized finance, and custody services.
M-BTC shares fell by 3% to $116,350; and coins $UNI and #MSTR and #COIN fell by 1-5%. A successful re-vote could change sentiment.
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